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Over the last few years, Fidelity Institutional® has worked closely with our clients to continually refine and enhance our Service Model based on direct input and feedback from the broker dealer firms we support. We have formed steering committees consisting of the largest and most complex clients on our platform and have worked closely with these firms to gather and prioritize their feedback. Investing this time with our clients has helped ensure we are in synch as we work together to help solve their highest priority challenges while maintaining a relentless focus on operational efficiency.
While we have received high praise and are proud of the progress we have made through the client steering committees we’ve established, it became clear in late 2021 that there was a real opportunity to become more efficient with our “client exception” process and criteria. We also realized that we could do a better job with broadly sharing use cases and best practices, both within Fidelity Institutional®, as well as with the clients we serve.
In response to this opportunity, we established a new Service Integration Department, that focused on “zooming out” in order to identify trends and find opportunities to implement new approaches that will drive efficiency. This new team took a very close look at our “client exception request” trends (requests that fall outside of standard process & procedures and require extra involvement from additional teams). By closely analyzing, reviewing and discussing each step within our exception processes, with both our internal partners and clients, we were able to collectively work together to modify these workflows and deliver significant time savings to all involved. This work led directly to a 45% reduction in “client exception processing time” in 2022. Not only was the team able to streamline and expedite the exception process, in many cases they were able to reclassify requests, so that they would no longer require the extra “exception request” steps and stakeholder involvement moving forward. In 2022, the team was able to resolve 49% of legacy exception requests through creative solutioning and sharing of best practices across Fidelity Institutional® Operations and Service Teams.
Our Service Integration Department deployed Salesforce® to our Service & Support teams in 2022, making it easier for all of our internal partners and teams, who are juggling different tasks but supporting the same clients, to compare notes while also sharing key client initiatives, opportunities, challenges and best practices, in once central place. The Salesforce® Dashboards and Reports have also made our teams more aware of where time is being spent with each client (pro-active growth vs reactive- support items). When too much time is being spent on reactive/support items, we are able to identify it quickly and take steps to remove friction and get our clients back on a path where they are spending more of their time and energy on growing their business.
We are incredibly proud of the work our Service Integration Department has been able to deliver in a short period of time. In addition to the exception processing enhancements and Salesforce deployment, they have also launched a new internal website that houses 19 different Service Reports & Dashboards. They’ve created 7 new tool kits, which provide step by step instructions to clients interested in deploying new technology and they have delivered a new, streamlined “BDA Short Form”, delivering a solution in response to the #1 “Ease Of Doing Business” request we received from our clients in 2022. We would be honored and humbled to have our Service Integration Department be considered for an American Business Award this year.
Nomination Title: Fidelity Institutional- Service Integration Department
